Mexico’s Peso Weakens to New Record Low
Monday, March 2, 2009
Mexico's battered peso has weakened to a new record low of 15.3 against the dollar. The peso's fall came as the Dow Jones industrial average plunged below 7,000 Monday for the first time in more than 11 years.
The Mexican currency its previous low of 15.09 against the dollar on Friday.
Mexico sends 80 percent of its exports to the United States and has been pummeled by the U.S. downturn. Mexico's central bank has sold more than $18 billion dollars since October to try to stop the peso's fall.
The peso has lost about 30 percent of its value against the dollar since August despite the bank's efforts.
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